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Corporations Keyed to Hazen
Adams v. Smith
Citation:
153 So.2d 221 (Ala. 1963)Facts
Directors have adopted resolutions to pay certain sums of the moneys of the corporation to the widow of the president and to the widow of the comptroller of the corporation. The complaint alleges that the payments constitute unauthorized gifts of property of the corporation, made without consideration and demands on the directors and stockholders to take the necessary steps to restore to the corporation the funds alleged to have been thus misappropriated; but the directors and stockholders have refused to take said steps.
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Topic Resources
2m 27s